They tried but they fall short on execution. for people that dont have anything better or are starting out it is a good way to go, but if you are established there are better products like REIPro. 

I'm currently living outside of Florence, Italy but want to establish residency again back stateside because my oldest daughter wants to go to high school in the USA. you can contact me on BPIf you know anyone traveling to Italy, check out mytuscanrental.comHope to hear from you soon, Thomas

I will say all of the requriments you listed will put you into more established areas and thus paying premium prices.

(Check out your Local REI meetings)Establish what YOU want from your investment, what is your risk profile?  

I'm just getting established out here in CO as well.

This would be a gamble, but probably the cost of maintenance will be a drop in the bucket in comparison to new AC units.

The prospective tenant (PT) just moved to the US so has not established a credit history.

I hope your fist experience is a positive one and try to establish a win/ win situation at closing and don't forget to do everything by the book.

Pop here and introduce yourself https://www.biggerpockets.com/forums/86/topics/308... .I find this forum much more helpful than PropertyTalk due to everyone not trying to put people down all the time like they seem to over there, but that is currently a lot more established and localised at the moment.I am down in Otago, Dunedin so if you need any help give me a shout.

Borrower shall occupy, establish, and use the Property as Borrower's principal residence within 60 days after the execution of this Security Instrument and shall continue to occupy the Property as Borrower's principal residence for at least one year after the date of occupancy, unless Lender otherwise agrees in writing, which consent shall not be unreasonably withheld, or unless extenuating circumstances exist which are beyond Borrower's control.